Oil Prices Retreat After Trump Appears to Rule out Iran Strikes Before Midterms

Oil prices dropped Friday after a sharp increase the previous day, as investors factored in President Trump's indication that there won't be military action against Iran before the U.S. midterm elections. This decision alleviated immediate tensions, though concerns over ongoing shipping risks in the Persian Gulf and production disruptions in the Gulf of Mexico remain. The shift underscores the delicate balance between geopolitical risks and market stability, highlighting how international relations can directly impact energy markets.